MONTCLAIR, CA - Avison Young, the world’s fastest-growing commercial real estate services firm,announced today that it has completed the $8-million sale of Montclair Business Center, a seven-building light, office and showroom business park totaling 96,384 square feet (sf) on 4.35 acres. Built in 1980, the center is located at 4650 Arrow Highway in Montclair, CA.
Avison Young Principals Alan Pekarcik andDan Vittone, based in the company’s Irvine, CA office, represented the seller, MNW Essex Montclair LLC, as well as the buyer, Holualoa Montclair Business Center, LLC. The transaction closed at a 6.01% capitalization rate and sold for $83 per square foot.
“Montclair Business Center offered the buyer an excellent, stablewith a value-add opportunity for rental growth and increasing the center’s occupancy,” comments Pekarcik. “Also, the asset is located just west of the North Montclair Downtown Redevelopment Area, a major redevelopment zone between the Montclair Transcenter and the Montclair Plaza regional shopping center that will provide even more opportunities as the market grows.”
The property, which consists entirely of single-story, multi-tenant buildings, is 83% leased. Montclair Business Center features 660 feet of street-front exposure on the north side of Arrow Highway, a major thoroughfare of Montclair and neighboring cities that boasts a traffic count of 19,000 cars per day. The project is located about one mile north of the San Bernardino (10) Freeway and about two miles south of the Foothill (210) Freeway, offering easy access to the Orange (57), Ontario (15) and Chino Valley (71) Freeways.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 53 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.